Business
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Rupee improves against dollar
5761 hours ago
Source: Geo Television Network
ISLAMABAD: Rupee value was seen rising at the beginning of the trading on Monday, following last week''s record slides.
Dollar in the inter-bank trading this morning was seen exchanged at Rs 66.90 as against the Friday lowest at Rs 69.40, showing a rise by 3 percent, Geo reported.
Escalating import bill of oil and the apprehensions on the prevalent political and social in the country triggered this year a downslide in the value of rupee.
Dollar was seen sold in the ready market and telegraphic transfer at Rs 68.30 and Rs 68.50.
Other currencies as against Rupee exchanged: British Pound at Rs 133.00, Euro at Rs 105.35, Japanese Yen at Rs 0.664, Emirates Dirham at Rs 18.60, Saudi Riyal at Rs18.30, while Canadian dollar at Rs 67.50. ... more
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Cautious buying contributes 58 points to KSE
5763 hours ago
Source: Geo Television Network
KARACHI: Cautious buying at Karachi Stock Exchange contributed 58 points to the benchmark KSE-100 Index which ended the day at 14,287.
After a shaky start, stocks managed to close on a positive note with fresh buying.
Quiet accumulation saw the benchmark index gain 58 points to close at 14,287.
The day''s trade started negative , as investors opted to off-load their positions and book profits.
The benchmark index hit it''s intraday low of 14,019, in early trade.
Market analysts say the uncertain future of the coalition government continues to hurt sentiment at the exchange.
Cheap valuations close to the psychological level allowed investors to accumulate blue chip energy and banking scrips, helping the index regain losses.
Trade volumes for the day stood just under 146 million shares. Of 325 active scrips; 144 gained while 157 declined and 24 remained unchanged.
KSE-30 Index advanced by 141 points to 16,909. ... more
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Oil prices retreat from US$126 a barrel
5767 hours ago
Source: Geo Television Network
BANGKOK: Oil prices retreated Monday in Asia from last week''s record close near US$126 a barrel as the dollar strengthened against the euro and yen.
Light, sweet crude for June delivery dropped 32 cents toUS$125.64 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.
On Friday, the contract broke above US$126 for the first time andsettled at a record close of US$125.96 a barrel, up US$2.27. ... more
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Rupee gains at the onset of market today
5769 hours ago
Source: Geo Television Network
KARACHI: Rupee value was seen rising at the beginning of the trading today, following last week’s record slides.
Dollar in the inter-bank trading this morning was seen exchanged at Rs66.90 as against the Friday lowest at Rs69.40, showing a rise by 3 percent. Escalating import bill of oil and the apprehensions on the prevalent political and social in the country triggered this year a downslide in the value of rupee.
Dollar was seen sold in the ready market and telegraphic transfer at Rs68.30 and Rs68.50. Other currencies as against Rupee exchanged: British Pound at Rs133.00, Euro at Rs105.35, Japanese Yen at Rs0.664, Emirates Dirham at Rs18.60, Saudi Riyal at Rs18.30, while Canadian dollar at Rs67.50. ... more
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China''s trade surplus soars
5771 hours ago
Source: Geo Television Network
BEIJING: China''s trade surplus stood at 16.7 billion dollars in April, according to customs figures made public Monday.
The figure compares with a trade surplus of 13.4 billion dollars in March, and 8.6 billion dollars in February.
Chinese exports in April rose 21.8 percent from a year earlier to 118.7 billion dollars, while imports increased 26.3 percent to 102 billion dollars, the figures showed.
The trade surplus for the first four months reached 58.0 billion dollars, the bureau said. It did not say how much it had changed from the same period last year.
In the four months from January to April, exports rose 21.5 percent from the same period a year earlier to 424.6 billion dollars, the bureau said.
Imports in the same four months totaled 366.6 billion dollars, up 27.9 percent. ... more
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No place for staff holding bad performance record: PIA Chairman
5780 hours ago
Source: Geo Television Network
ISLAMABAD: Defense Minister and PIA Chairman, Ahmad Mukhtar has said that there could not be any place in the national airlines for the staff holding bad performance records.
Chaudhry Ahmad Mukhtar, on the occasion of his visit to the PIA Regional Office here, said that a change was being brought about in the management of the organization and, thereafter, the cases of other staff would also be reviewed. He said that those performing well would be encouraged and the promotions of bad performers could be stopped and they could even be laid off. PIA chairman said that sales promotion would be focused and the staff would be given new targets. As regards Pakistan defense budget, he said that this would be determined keeping the needs in view and besides increasing, it could be reduced also. ... more
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Govt. borrows from Central Bank with no let-up
5780 hours ago
Source: Geo Television Network
KARACHI: The process of government borrowings through the Central Bank surging ahead has mounted to the highest ever at Rs484 billion.
State Bank of Pakistan (SBP) said that the government borrowings during July 2007 to April 26, 2008 soared by Rs484 billion, which was all-time high as compared to the amounts borrowed from the Central Bank during any fiscal year that saw the volume of government borrowings from the Central Bank jacked up to Rs829 billion and caused banking system assets’ value galloping by 20.7 percent. On the other hand, the government has cut down the borrowed amount from scheduled banks by Rs150 billion. Private sector during the period under review took new loans of Rs371 billion, while the foreign assets diminished by Rs296 billion. ... more
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Bears squeeze 160 points from KSE
5780 hours ago
Source: Geo Television Network
KARACHI: Bears grew further strong on Friday, pulling KSE-100 Index down by 160 points to 14,228.
The market analysts said the stock market reacted to the volatile currency market.
With Pak rupee sinking to new lows, dealers said investors were in frenzy as a fall in rupee’s value, erodes the net earnings of foreign portfolio investors.
The broader market looked unnerved with 107 gainers against 197 losers, while the total volume remained thin at 180.5 million shares.
KSE-30 Index plunged by 284 points to 16,768. ... more
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Rupee value decreased due to last year’s emergency: SBP governor
5780 hours ago
Source: Geo Television Network
KARACHI: Governor State Bank of Pakistan Dr Shamshad Akhtar said decrease in the rupee value is mainly due to uncertain political situation. This includes the declaration of emergency in the country on November 3 and then the recent elections.
She expressed the hope that the decrease in the value of the rupee would soon be controlled and there will be no adverse effects on the economy of the country.
Talking to Kamran Khan in Aaj Kamran Khan Kay Saath on the Geo News, Dr Shamshad Akhtar said fluctuations in the foreign exchange rate were something usual and said that exchange rates kept changing in countries the world over.
Dr Shamshad Akhtar said the State Bank was closely monitoring the decrease in the rupee value and was in a position to take appropriate steps. It is a general tendency that people get panicky over such decrease and start purchasing dollars whenever there is any decrease in the rupee value.
Actually, it is necessary that we should deeply assess the reasons behind this situation. The decrease in the rupee value is mainly due to uncertain political situation. This includes the declaration of emergency in the country on November 3 and then the recent elections.
Another factor that adversely affected our economy was the hike in the prices of oil. Yet another reason is the unexpected expenditure of $2.6 billion we incurred on the import of food items.
She pointed out that the foreign exchange companies were involved in an irresponsible manner. She said the State Bank had pumped $250,000 into the market so that there was no shortage of dollars in the open market, but the exchange companies had started transferring amounts out of the country, which was against the currency rules and regulations. She said the State Bank did not see the situation as hopeless, and apprehending the situation in advance, held the foreign exchange reserves to meet any untoward situation. ... more
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Trade deficit may soar after rupee decline
5780 hours ago
Source: Geo Television Network
KARACHI: The trade deficit is likely to climb further following decline of rupee value by about 10 percent.
The rupee has dipped by more than 10 percent against dollar which touched Rs70 in inter-bank market on Friday. However, the rupee value of dollar was brought to 66 with the State Bank of Pakistan’s intervention.
The speculators became active in view of growing demand of dollar because of international oil prices hitting unprecedented levels, analysts said.
In the prevailing circumstances the exporters’ profit is expected to increase, said the economists. ... more
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